ROLE FEATURE: Accountants
If you’re like most business owners, you probably think of accountants as the people who help you file your taxes. And while that’s certainly one of their many responsibilities, certified public accountants (CPAs) provide much more value to businesses than just preparing tax returns. In fact, CPAs can play a critical role in helping businesses grow and succeed.
Before you can behind the hiring process take a look at what you need.
- Know What Accountants Do
- Know When to Hire
- Know Where to Hire
- Know How Much to Hire
- Know The Recruiting Process
KNOW WHAT ACCOUNTANTS DO
How Accountants can help your business:
- Preparation of financial statements – Financial statements provide an accurate picture of a company’s financial health, and it’s essential to have them prepared regularly in order to make sound business decisions. CPA’s are experts in preparing financial statements and can ensure that they are accurate and compliant with accounting standards.
- Tax planning and compliance – Taxes can be complex, and it’s important to have a CPA who can help you plan for and comply with all applicable tax laws. A CPA can help you save money on your taxes by recommending strategies such as tax-advantaged investment planning.
- Advisory services – A CPA can provide valuable advice on a wide range of business issues, such as succession planning, mergers and acquisitions, and financial management. CPA’s have the training and experience to help businesses make smart decisions that will improve their bottom line.
- Fraud prevention and detection – CPAs are experts in detecting fraud and preventing it from happening in the first place. They can help you set up systems to safeguard your business against fraudulent activity.
- Business consulting – A CPA can provide guidance on a variety of business topics, such as start-up costs, cash flow analysis, and pricing strategy. He or she can also help you develop a long-term financial plan for your business.
When to Hire an Accountant
There is no definitive answer on when to hire an accountant since businesses have different needs. However, there are some general guidelines that can help you make the decision.
If your business is growing and you are finding it difficult to keep up with bookkeeping and tax paperwork, it may be time to hire an accountant. Likewise, if you are starting a new business, it is a good idea to hire an accountant early on so you can get advice on the best way to structure your company and file taxes.
Another factor to consider is whether or not you are comfortable handling financial and tax paperwork yourself. If not, hiring an accountant is a wise decision. Accountants have the training and experience to handle these tasks efficiently and correctly.
Ultimately, the decision of whether or not to hire an accountant comes down to your business’ specific needs. If you are unsure whether or not an accountant is right for you, consult with a CPA or another accounting professional. (or contact us!)
Where to Hire and Cost to Hire
When looking to fill an open accountant role, the best way to market the position is through online job boards and social media platforms. In-house accounting services provide a higher level of security and control, while outsourced services can be more cost effective.
- In-house Salaries – See: Bureau of Labor Statistics, the median annual pay for accountants as of 2019 was $71,550.
- Outsourced Services – Expect $150 – $300 / hour. Often times with outsourced services you can find CPA tax preparation and bookkeeping packages – CPA works directly with bookkeeper.
The Recruiting Process – Accountants
- Define Job Responsibilities
- Post and Market Role
- Prepare Interview Questions
- Conduct Pre-Screens + Interviews
What To Look For – Accountants
What are the key areas of knowledge an accountant should possess?
An accountant should have a strong understanding of accounting principles and practices, financial analysis, auditing, and taxation. They should also be familiar with computer software used for accounting and financial reporting.
How can you tell if an accountant is qualified?
One of the best ways to determine if an accountant is qualified for a position is to check if they are certified by the CPA (Certified Public Accountant) organization. CPAs are held to high standards and must pass rigorous exams in order to be certified. They must also adhere to a strict code of professional conduct.
In addition to being certified, accountants should have experience in various areas such as auditing, bookkeeping, and tax preparation. When interviewing potential candidates, ask about their experience in these areas and see if their skills match your needs.
Finally, make sure that the accountant has strong communication and interpersonal skills. They will be working with other members of your team, so it’s important that they are able to work well with others.
- What accounting software do you know how to use?
- Can you provide an example of a financial analysis you completed?
- Have you ever audited a company’s financial statements?
- What budgeting methods have you used?
- How do you estimate bad debt?
How do you know if an accountant is a good fit for your business?
Hiring an accountant is a big decision, but one that can be extremely beneficial to your business. Accountants are responsible for handling financial and tax paperwork, providing advice on financial matters, and auditing finances. They must have a strong understanding of accounting principles and practices to do their job effectively.
When hiring an accountant, it’s important to consider the candidate’s qualifications, experience, and interpersonal skills. The best way to find qualified candidates is working with a specialized agency experienced in accounting talent, recruiting and with a deep network of candidates. In-house accountants provide a higher level of security and control, while outsourced services can be more cost effective.